By Cristal Cody
Tupelo, Miss., July 25 – Golub Capital affiliate GC Investment Management LLC priced $1,005,000,000 of notes due July 20, 2030 in the new Golub Capital Partners CLO 38(M), Ltd./Golub Capital Partners CLO 38(M), LLC middle-market transaction, according to a market source.
The deal was upsized slightly from an expected $1,002,810,000 offering.
The CLO sold the class A floating-rate notes (/AAA/AAA) at a discount margin of Libor plus 145 basis points; class B floating-rate notes (/AA/) at a discount margin of Libor plus 190 bps; class C floating-rate notes (/A/) at a discount margin of Libor plus 280 bps and class D floating-rate notes (/BBB-/) at a discount margin of Libor plus 325 bps.
The deal included subordinated notes as equity.
Wells Fargo Securities LLC was the placement agent.
GC Investment will manage the CLO, which has a two-year non-call period and a four-year reinvestment period.
The CLO is backed by middle-market first lien senior secured term loans.
Golub Capital has priced two new CLOs and refinanced three vintage CLOs year to date.
In 2017, the New York-based middle market lender priced two CLO transactions.
| Issuer: | Golub Capital Partners CLO 38(M), Ltd./Golub Capital Partners CLO 38(M), LLC
|
| Amount: | $1,005,000,000
|
| Securities: | Floating-rate and subordinated notes
|
| Maturity: | July 20, 2030
|
| Structure: | Middle-market CLO
|
| Placement agent: | Wells Fargo Securities LLC
|
| Manager: | GC Advisors LLC
|
| Call feature: | Two years
|
| Pricing date: | July 17
|
| Settlement date: | Aug. 7
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A notes
|
| Securities: | Floating-rate notes
|
| Discount margin: | Libor plus 145 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class B notes
|
| Securities: | Floating-rate notes
|
| Discount margin: | Libor plus 190 bps
|
| Ratings: | S&P: AA
|
|
|
| Class C notes
|
| Securities: | Floating-rate notes
|
| Discount margin: | Libor plus 280 bps
|
| Ratings: | S&P: A
|
|
|
| Class D notes
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| Securities: | Floating-rate notes
|
| Discount margin: | Libor plus 325 bps
|
| Ratings: | S&P: BBB-
|
|
|
| Equity
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
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